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Gold bars are seen at a jewellery store in Ho Chi Minh Metropolis on February 10, 2022. Photograph by VnExpress/Dinh Van
Vietnam’s gold costs noticed one of many deepest each day plunges of their historical past, taking place by VND4 million ($170) a tael Monday.
The Saigon Jewellery Firm (SJC) offered its gold at VND64 million Monday afternoon, down virtually 6 p.c from the weekend. A tael equals 37.5 grams or 1.2 ounces.
The gold costs had been down on greenback appreciation, with buyers promoting property, together with gold, to purchase the buck, stated chairman Tran Thanh Hai of SJC Phu Tho.
Robust promoting strain following an announcement by the central financial institution on taking a look at the opportunity of decreasing SJC’s monopoly on gold noticed folks promote gold bullion and stockpile on gold jewellery.
Presently, a tael of gold bullion and jewellery in Vietnam prices VND17.5 and VND5 million greater than world costs, respectively.
Hai anticipated costs to fall additional the subsequent few days, monitoring drops within the London and Chicago exchanges.
“Costs could fall under the $1,700 threshold [per ounce],” he added.
Spot gold rose 0.9 p.c to $1,722.88 an oz. by 10:34 a.m. Monday in London, based on Bloomberg. Costs dipped under $1,700 final week for the primary time since August. The Bloomberg Greenback Spot Index slipped 0.5 p.c after hitting a document final week. Silver, platinum and palladium all superior.
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